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Answering the Question: What is Socialism?
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In answer to a question:
Socialism is a governmental system that redistributes wealth. If someone makes a certain amount of money they are taxed at a higher rate so that the money can be used to help those who have less. This idea is commonly compared to Robin Hood who robbed the rich and gave to the poor. The problem with this comparison is that Robin Hood was taking back the money that the rich were taking from the poor.
While socialism in theory sounds nice, it is far from it. Those who are successful have not incentive to continue succeeding because they are effectively punished for doing so. This results in everyone preforming at lower levels until there is no money or wealth to be redistributed. That is why it is said socialism is the equal distribution of misery.
Socialism leads to communism in many cases. Communism is socialism to an extreme. Leninist Communism (the form of Communism practiced in most country until its collapse in 1989/1990) is also called central planning communism and in this case the government owns all property and controls all production.